High Roller stock more than doubles on prediction markets partnership with Crypto.com
The announcement comes as an increasing number of companies move into prediction markets, an industry that is estimated to grow to $1 trillion by 2030
What to know:
- High Roller Technologies shares surged as much as 130% after the company said it planned to introduce a U.S. event-based prediction market in partnership with Crypto.com.
- The platform will initially offer Crypto.com Derivatives North America event contracts on finance, sports and entertainment, though the companies did not disclose a launch date.
- High Roller and industry analysts say prediction markets, already generating more than $3 billion in annualized revenue, could exceed $1 trillion in trading volume and $10 billion in revenue by 2030.
The company’s share rose as much as 130% and were recently 65% higher at $8.32. Crypto.com’s CRO token gained 3% after the announcement to 7 cents.
Prediction markets have quickly gone from being niche betting platforms to a growing sector of sophisticated trading platforms that aggregate real-world event probabilities. Leading participants include Kalshi, a CFTC-regulated U.S. exchange for event contracts, and Polymarket, one of the largest decentralized markets covering politics, sports and economics. The market is expected to mature into one with trading volume in excess of $1 trillion by 2030, according to High Roller.
